Working on Research and Development

Distributed renewable energy sources enable us to be environmentally sustainable and more self-reliant. However, many of today’s power markets are structured such that they provide no viable means of participation for small-scale producers. Access to energy trading and settlement facilities are either economically unsustainable or non-existent.

Electrify is using blockchain technology and an acute understanding of power markets to deliver a solution that helps producers of any scale trade power the same way large utilities do. As a consumer, you will get to choose where your power comes from, at prices which give more equitable outcomes for the entire ecosystem.

In the daytime, energy generated from household solar photovoltaic (PV) panels is generally not fully used as most residential consumers are at school or work. Their PV panels, however, are still transmitting produced energy into the grid. In Singapore, for example, small-scale producers selling surplus power back to the grid are paid at wholesale price. While the price may make sense for utility-scale producers, smaller producers typically sell at a loss.

Once our P2P energy trading platform, Synergy, allows this surplus power to be traded, where comes the next point of value creation for Electrify? Electrify is, and always will be, about empowering communities. The next battleground for us would be to contribute towards knowledge creation in solar and, more broadly, energy and blockchain, within a research context.

To this end, Electrify and the National University of Singapore (NUS), acting through its Solar Research Energy Institute of Singapore (SERIS), have formalised their intention in a Memorandum of Understanding to pursue collaborative research and development into:

(i) PV-related technology for distributed power generation and,

(ii) energy management and trading with blockchain technology.

SERIS is Singapore’s national institute for applied solar energy research, funded by Singapore’s National Research Foundation (NRF), Singapore Economic Development Board (EDB), and NUS.

Under the terms of the agreement, we are unable disclose much more than this. What remains clear is Electrify’s long-term commitment to building a sustainable and accessible future of energy!